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Exam 3: The External Assessment

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Question 21

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To perform an external audit, a company first must gather competitive intelligence and information about economic, social, cultural, demographic, environmental, political, governmental, legal, and technological trends.

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Question 22

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Describe the Competitive Profile Matrix (CPM) noting similarities to, and differences from, the External Factor Evaluation (EFE) Matrix.

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The Competitive Profile Matrix (CPM) ide...

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Question 23

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Discuss the following statement: "Planning would be impossible without assumptions."

Significant barriers to entry are not always sufficient to keep some new firms from entering industries with higher-quality products, lower prices, and substantial marketing resources.

The United States' population is

Protectionism is used by various countries around the world to safeguard their domestic industries.

Collecting and evaluating information on competitors is essential for successful

The aim of an external audit is to develop an exhaustive list of every possible factor that could influence the business.

In an EFE Matrix, opportunities often receive higher weights than threats, but threats too can receive high weights if they are especially severe or threatening.

A weak dollar means

Assumptions have no place in planning.

Corporate intelligence is the name for a systematic and ethical process for gathering and analyzing information about the competition's activities and general business trends to further a business's own goals.

The United States has been more active than other nations in protectionist measures and has engaged in many "Buy American" policies.

A ________ integration strategy is used by firms to gain control or ownership of suppliers.

The historical trend of people moving from ________ has dramatically slowed.

Walgreens and CVS pharmacies are located generally across the street from each other and battle each other every day on price and customer service.

A forward integration strategy is used by firms to gain control or ownership of suppliers.

The trend toward an older America is bad news for furniture producers, hotels, airlines and home builders.

Economic factors do not have much impact on the attractiveness of strategies.

In recent times, ________ perhaps has instituted the most protectionist measures by raising tariffs on most imports and subsidizing its own exports.